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Segment Reporting
 3 Months Ended
Mar. 31, 2014
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Reporting
SEGMENT REPORTING
The Company has the following reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through Syndicate 1458. RenaissanceRe CCL, an indirect wholly owned subsidiary of RenaissanceRe, is the sole corporate member of Syndicate 1458. All prior periods presented have been reclassified to conform to this presentation.
The financial results of the Company’s strategic investments, former Insurance segment, discontinued operations related to REAL and current noncontrolling interests are included in the Other category of the Company’s segment results. Also included in the Other category of the Company’s segment results are the Company’s investments in other ventures, investments unit, corporate expenses and capital servicing costs.
The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.
A summary of the significant components of the Company’s revenues and expenses is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2014
Catastrophe Reinsurance
 
Specialty Reinsurance
 
Lloyd’s
 
Other
 
Total
 
 
Gross premiums written
$
467,711

 
$
154,290

 
$
83,259

 
$
—

 
$
705,260

 
 
Net premiums written
$
259,489

 
$
125,489

 
$
65,369

 
$
—

 
$
450,347

 
 
Net premiums earned
$
164,584

 
$
69,630

 
$
52,297

 
$
23

 
$
286,534

 
 
Net claims and claim expenses incurred
6,455

 
26,081

 
26,281

 
98

 
58,915

 
 
Acquisition expenses
7,126

 
16,547

 
10,567

 
(540
)
 
33,700

 
 
Operational expenses
20,419

 
10,106

 
12,033

 
66

 
42,624

 
 
Underwriting income
$
130,584

 
$
16,896

 
$
3,416

 
$
399

 
151,295

 
 
Net investment income
 
 
 
 
 
 
38,948

 
38,948

 
 
Net foreign exchange losses
 
 
 
 
 
 
(1,061
)
 
(1,061
)
 
 
Equity in earnings of other ventures
 
 
 
 
 
 
4,199

 
4,199

 
 
Other income
 
 
 
 
 
 
62

 
62

 
 
Net realized and unrealized gains on investments
 
 
 
 
 
 
14,927

 
14,927

 
 
Corporate expenses
 
 
 
 
 
 
(4,545
)
 
(4,545
)
 
 
Interest expense
 
 
 
 
 
 
(4,293
)
 
(4,293
)
 
 
Income from continuing operations before taxes
 
 
 
 
 
 
 
 
199,532

 
 
Income tax expense
 
 
 
 
 
 
(166
)
 
(166
)
 
 
Net income attributable to noncontrolling interests
 
 
 
 
 
 
(42,768
)
 
(42,768
)
 
 
Dividends on preference shares
 
 
 
 
 
 
(5,595
)
 
(5,595
)
 
 
Net income available to RenaissanceRe common shareholders
 
 
 
 
 
 
 
 
$
151,003

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expenses incurred – current accident year
$
12,529

 
$
41,922

 
$
21,157

 
$
—

 
$
75,608

 
 
Net claims and claim expenses incurred – prior accident years
(6,074
)
 
(15,841
)
 
5,124

 
98

 
(16,693
)
 
 
Net claims and claim expenses incurred – total
$
6,455

 
$
26,081

 
$
26,281

 
$
98

 
$
58,915

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expense ratio – current accident year
7.6
 %
 
60.2
 %
 
40.5
%
 
—
 %
 
26.4
 %
 
 
Net claims and claim expense ratio – prior accident years
(3.7
)%
 
(22.7
)%
 
9.8
%
 
426.1
 %
 
(5.8
)%
 
 
Net claims and claim expense ratio – calendar year
3.9
 %
 
37.5
 %
 
50.3
%
 
426.1
 %
 
20.6
 %
 
 
Underwriting expense ratio
16.8
 %
 
38.2
 %
 
43.2
%
 
(2,060.9
)%
 
26.6
 %
 
 
Combined ratio
20.7
 %
 
75.7
 %
 
93.5
%
 
(1,634.8
)%
 
47.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 






 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2013
Catastrophe Reinsurance
 
Specialty Reinsurance
 
Lloyd’s
 
Other
 
Total
 
 
Gross premiums written
$
478,796

 
$
82,330

 
$
74,292

 
$
—

 
$
635,418

 
 
Net premiums written
$
305,353

 
$
75,519

 
$
55,924

 
$
17

 
$
436,813

 
 
Net premiums earned
$
186,651

 
$
46,809

 
$
37,779

 
$
16

 
$
271,255

 
 
Net claims and claim expenses incurred
2,708

 
10,692

 
14,528

 
(677
)
 
27,251

 
 
Acquisition expenses
9,620

 
8,439

 
6,916

 
34

 
25,009

 
 
Operational expenses
26,115

 
7,560

 
12,178

 
133

 
45,986

 
 
Underwriting income
$
148,208

 
$
20,118

 
$
4,157

 
$
526

 
173,009

 
 
Net investment income
 
 
 
 
 
 
43,202

 
43,202

 
 
Net foreign exchange gains
 
 
 
 
 
 
614

 
614

 
 
Equity in earnings of other ventures
 
 
 
 
 
 
5,835

 
5,835

 
 
Other loss
 
 
 
 
 
 
(1,709
)
 
(1,709
)
 
 
Net realized and unrealized gains on investments
 
 
 
 
 
 
14,269

 
14,269

 
 
Corporate expenses
 
 
 
 
 
 
(4,482
)
 
(4,482
)
 
 
Interest expense
 
 
 
 
 
 
(5,034
)
 
(5,034
)
 
 
Income from continuing operations before taxes
 
 
 
 
 
 
 
 
225,704

 
 
Income tax expense
 
 
 
 
 
 
(122
)
 
(122
)
 
 
Income from discontinued operations
 
 
 
 
 
 
9,774

 
9,774

 
 
Net income attributable to noncontrolling interests
 
 
 
 
 
 
(38,607
)
 
(38,607
)
 
 
Dividends on preference shares
 
 
 
 
 
 
(6,275
)
 
(6,275
)
 
 
Net income attributable to RenaissanceRe common shareholders
 
 
 
 
 
 
 
 
$
190,474

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expenses incurred – current accident year
$
21,176

 
$
25,853

 
$
17,871

 
$
—

 
$
64,900

 
 
Net claims and claim expenses incurred – prior accident years
(18,468
)
 
(15,161
)
 
(3,343
)
 
(677
)
 
(37,649
)
 
 
Net claims and claim expenses incurred – total
$
2,708

 
$
10,692

 
$
14,528

 
$
(677
)
 
$
27,251

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expense ratio – current accident year
11.3
 %
 
55.2
 %
 
47.3
 %
 
—
 %
 
23.9
 %
 
 
Net claims and claim expense ratio – prior accident years
(9.8
)%
 
(32.4
)%
 
(8.8
)%
 
(4,231.3
)%
 
(13.9
)%
 
 
Net claims and claim expense ratio – calendar year
1.5
 %
 
22.8
 %
 
38.5
 %
 
(4,231.3
)%
 
10.0
 %
 
 
Underwriting expense ratio
19.1
 %
 
34.2
 %
 
50.5
 %
 
1,218.8
 %
 
26.2
 %
 
 
Combined ratio
20.6
 %
 
57.0
 %
 
89.0
 %
 
(3,012.5
)%
 
36.2
 %